Buying & Selling Real Estate At The Same Time

February 8, 2019

So you want to buy a new home. The problem is, you need to sell your current one as well. Queue the stress, right? Not necessarily, if you have the right partner with you throughout the process. The good news is, it’s the real estate agent’s job to make sure both transactions run smoothly.

The good news is, it’s the real estate agent’s job to make sure both transactions run smoothly.

Communication is key. Customers need to understand the process of selling their home and to be realistic regarding the purchase of their next property.

A good agent will have a frank and honest talk with you, which includes talking through the details on the critical path of the transaction (its timeline). This is especially important if you need to move into your new home right after the sale of your existing one.

Time To Sell

As your trusted advisor, your real estate agent will go through the entire process with you. They’ll explain every detail, answer any questions, and help you price your home in line with the market.

Selling a home can sometimes be complicated and challenging, so having a well-designed marketing plan is really important. It should be a clear path which simplifies the entire process and most importantly, ensures that you’ll have a successful sale.

A great way to look at the process is to consider the Six Key Steps To A Successful Sale:

  • Enhance – Increase the value and appeal of your home. We’ll discuss this in more detail in a bit.
  • Best List Price – This results in the highest sale price, and can be trickier than it appears. It’s a real balancing act.
  • Total Exposure – In a nutshell, this means more showings! Your agent will combine multiple marketing techniques to ensure your home gets in front of the maximum number of potential buyers.
  • Worry Free – This is your REALTOR®’s territory, and they’ll manage the deals to keep your experience as stress-free as possible.
  • Quality Company – Choosing the right real estate brokerage to partner with ensures you’ll receive the highest quality service. When a seller hires an agent, they also hire that agent’s brokerage and not all are alike. How a brokerage conducts is instrumental – quality really does make a difference.
  • Trusted Advisor – The right real estate agent will protecting your interests at all times. There are a lot of moving parts in a real estate transaction and things can go amiss if there is a lack of attention to detail.

No Second Chances

If you capture their hearts, you will capture their offers.

You don’t get a second chance to make a first impression. It’s important to remember that buyers buy emotionally. If you capture their hearts, you will capture their offers. Packaging a home for profit will build that emotional connection, get the SOLD sign up faster, and most importantly- increase the value of your home so it sells for more money.

Sellers should also keep in mind that the best list price results in the highest sale price.  If the price is right, it’s great news – you win!  The property will sell for “top” dollar value and you can go on your merry way.

If, however, the price is wrong you can lose in one of two ways:

  1. If the property is under priced, you give some of your equity and savings away!
  2. If the property is over priced, you’re making a costly mistake!

… adopting that sort of attitude can be very detrimental.

We often hear sellers saying “Let’s start high we can always come down,” “We want room to negotiate,” or ” Let’s test the market.” It’s important to realize that adopting that sort of attitude can be very detrimental.

Not only do you unknowingly scare buyers away when you over price your property, you also sabotage the home’s “Golden Time” on the market (the period when it’s a fresh new listing and it receives the most interest). The end result? You’ll lose more money than if you had priced the home correctly from the beginning.

Becoming A Buyer

Have no fear. Your realtor is here.

As if you don’t have enough going on with the sale of your home, you’ve also got to find the right one to purchase. That’s a lot going on at once, and it’s no doubt going to raise your anxiety up a few notches. Have no fear. Your REALTOR® is here.

The key to keeping your cool is to remember that while this experience is new to you, it’s a normal day for your real estate agent. They’re often juggling multiple transactions at the same time, quite often more than just two! This only reinforces the need to partner with the right real estate agent. A professional, experienced REALTOR® will be well equipped to manage all the ins & outs on your behalf.

A professional, experienced realtor will be well equipped to manage all the ins & outs on your behalf.

Remember those six steps we talked about when selling? Well, we’ve got a list for buying too. Let’s take a look at the Six Key Steps To A Successful Purchase:

  • Financing – Your real estate agent’s first job responsibility when it comes to buyers is making certain that they have their financing in place, so don’t be surprised when it comes up in conversation. Proper qualification and financing can make a big difference, and finding the right financing is just as important as finding the right property.
  • Total Access – Ensuring that you have access to all available inventory is key when searching for the perfect home. A real estate agent not only has access to all the properties available in the multiple listing services, but they will also take advantage of their knowledge regarding for sale by owner properties, network with other agents to stay up-to-date on what will soon be hitting the market, and accessing investors and other databases. This all ensure that you have more choices, leaving no stone unturned.
  • Best Price – Buy smart. Keep in mind that the best purchase price is not always the lowest price. Offering the lowest possible price on a home can mean you’ll miss out if there is competition.  The best purchase price is the price that secures the property for the buyer – and is a magical spot somewhere between not losing by over-paying or losing by under-paying.
  • Negotiate – Just another key component real estate agents master on behalf of their clients, this often includes pre-negotiations, market study, accompanying you on home inspections, clear communication with lenders, and counter offers. In summary, it’s the art of bringing all parties together.
  • Worry Free – This is your REALTOR®’s territory, and they’ll manage the deals to keep your experience as stress-free as possible.
  • Trusted Advisor – The right real estate agent will protecting your interests at all times. There are a lot of moving parts in a real estate transaction and things can go amiss if there is a lack of attention to detail.

At The End Of The Day

In any real estate deal, having a project manager who manages all the details in order to eliminate problems before they start is incredibly important. When you’ve got two deals happening at once, it’s a necessity.

Remember, your agent tries to read your mind but ultimately can’t.

Your real estate agent is that person. The one you can count on to be your consultant, educating and guiding you through the process. Remember, they do this every day, and deals in which a property needs to sell in order for another one to close are very common.

They key? Keep things in perspective and remember that communication is key. Talk to your agent about all aspects of both deals, including your wants, needs, and expectations. Remember, your agent tries to read your mind but ultimately can’t. Don’t assume they know things, even if they seem obvious to you. A double-deal has a lot of moving parts – talk all of them through with your REALTOR®.

Guy is most likely the first person on your favorites list as he is the guy {no pun intended} you can always depend on when you need anything. He is a structured leader whose sole focus is on others growth and well-being. Guy is laid-back and never hesitates lending an ear or shoulder. As the Market President of our South Tampa office, Guy has proven to not only be incredibly knowledgeable with all things Real Estate but he’s also our go-to dude when it comes to finding out what is happening around town. He loves exploring our city and is always finding new adventures. Guy is a supportive leader who makes sure his team is well-versed business owners.

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